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Robinson plc announced on September 11, 2024, that its Robinson & Sons' Limited Pension Fund completed the buy-out of all its UK defined benefit pension scheme liabilities with Legal and General Assurance Society Limited. As of September 9, 2024, L&G established individual policies for all members, with £3.4m transferred from the Scheme's £3.6m IAS 19 surplus at 31 December 2023. The remaining £0.2m will fund the costs of the buy-out and wind up, and the Trustee intends to wind up the Scheme, with a Section 27 notice published.
| Date | 11 Sept 2024 |
| Time | 07:00:08 |
| Category | Miscellaneous |
| ID | 6595D |
Robinson plc
11 September 2024
DEFINED BENEFIT PENSION SCHEME BUY-OUT
Robinson plc ("Robinson", the "Company" or the "Group" stock code: RBN), the custom manufacturer of plastic and paperboard packaging based in Chesterfield, is pleased to announce that the Robinson & Sons' Limited Pension Fund (the "Scheme") has now completed the previously announced buy-out of all the Group's UK defined benefit pension scheme liabilities with Legal and General Assurance Society Limited ("L&G").
The Scheme and Company have received confirmation that, as of 9 September 2024, L&G have established individual policies for all members. Individual policy documents will be issued to members in due course.
The IAS 19 valuation of the Scheme at 31 December 2023 reported a surplus of £3.6m, of which £3.4m was transferred to L&G to augment members pensions. The remaining £0.2m will fund the costs of the buy-out and wind up of the Scheme.
A notice to Creditors and Beneficiaries under Section 27 of the Trustee Act 1925 has been published in the London Gazette, confirming that the Trustee intends to wind up the Scheme.
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Robinson plc |
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Sara Halton, Interim CEO Mike Cusick, Finance Director |
Tel: 01246 389280 |
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Cavendish Capital Markets Limited |
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Ed Frisby / Seamus Fricker, Corporate Finance Tim Redfern, Corporate Broking |
Tel: 020 7220 0500 |
About Robinson:
Being a purpose-led business, Robinson specialises in custom packaging with technical and value added solutions for food and consumer product hygiene, safety, protection, and convenience; going above and beyond to create a sustainable future for our people and our planet. Its main activity is in injection and blow moulded plastic packaging and rigid paperboard luxury packaging, operating within the food and beverage, homecare, personal care and beauty, and luxury gift sectors. Robinson provides products and services to major players in the fast-moving consumer goods market including Procter & Gamble, Reckitt Benckiser, SC Johnson and Unilever.
Headquartered in Chesterfield, UK, Robinson has plants in the UK, Poland and Denmark. Robinson was formerly a family business with its origins dating back to 1839, currently employing nearly 400 people. The Group also has a substantial property portfolio with development potential.